Upcoming Quarterly Tax Deadline for Employers

Do you or someone you know own and operate a business with employees?

If so, as an employer, it is required that you file Form 941 with the IRS quarterly.

Employers are responsible for withholding federal income tax, social security tax, and Medicare tax from each of their employee’s salary. Form 941, also known as the Employer’s Quarterly Tax Return, is used to report these employment taxes quarterly and assists with calculating the employer’s portion of Social Security and Medicare tax.

Quarterly Filing Deadlines:

Form 941 has a total of four filing deadlines each year. These deadlines are split into first, second, third, and fourth quarters with the following due dates:

With only two days left in the month of September, the Third Quarter deadline is right around the corner. Be sure to file your Form 941 no later than October 31 with TaxBandits.

Filing Process:

Most people think that filing taxes can be a headache and an extremely time consuming process...not with our sister product, TaxBandits! You will only need two major pieces of information to get started--Employer and Employment Details.

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Employer details include the employer’s name, EIN, and address; while employment details include the following:

• Employee Count
• Medicare Tax & Social Security
• Deposit Made to the IRS
• Tax Liability (Monthly/Semiweekly)
• Signing Authority Information
• Online Signature PIN or Form 8453-EMP

Once that is entered all you will need to do is review the completed form, pay a small, affordable price per form, and transmit directly to the IRS. And just like that, you’ve avoided IRS penalties and compliance issues.

Well, since we said the word ‘penalties’ let’s just go ahead and discuss it briefly so you know what you’re avoiding when filing with us.

Form 941 IRS Penalties:

Failure to file by the Form 941 deadline will result in a 5% penalty on the tax return for each month that the return is late. Although this penalty caps at 25%, the IRS will penalize you heavily for late payment or not paying the full amount owed. Your business will be charged 2-15% of the unpaid tax determined by the number of days it remains unpaid.

NOTE: Late deposit penalty amounts are determined using calendar days, starting from the due date of the liability.

Next Steps:

Out of the many components to running your business, one of the most important is staying in compliance with the IRS. TaxBandits, sister product to ExpressExtension, is an industry leader for online tax preparation and tax filings which offers accurate and efficient e-filing at prices that can’t be beaten! Visit their website today to find out more information about Form 941 and the other services that TaxBandits offer.

If you're in need of assistance filing your taxes, feel free to contact our live professionals at (803) 514-5155, Monday through Friday from 9 a.m. to 6 p.m. EST. You can also e-mail us at support@expressextensions.com or chat with us at www.expressextension.com for any further assistance e-filing your extension forms.

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Monitoring Your Tax Deductions

Tax extensions can be more than just a last minute option. Like many, you probably know that if something were to unexpectedly happen before your tax deadline, you can e-file an extension for up to six months of extra time. You may also know that if you complete your tax form before the extended date, you can file as soon as you like. But how about using your tax extension strategically? With all that extra time, another way to use it could be to discover new deductions you qualify for.

As stated by the IRS, miscellaneous deductions can cut through your taxes. These deductions can be a number of things like the expenses you pay for within your line of work. To claim these costs, you have to itemize your deductions; this is a bit different from claiming standard deductions. And it’s possible to pay less taxes if you itemize.

Here are some tax tips from the IRS about deductions that can help reduce your taxes:

Deductions With Limits

Most miscellaneous costs can only be deducted if the sum is greater than two percent of your adjusted gross income (AGI). These expenses can include

• Job search expenses
• Dues paid towards a Union
• Certain work clothes or uniforms
• Travel and transportation for work
• Job expenses that aren’t reimbursed
• Costs paid to prepare a tax return, which can either be fees for tax preparation software or fees for e-filing 

Deductions Without Limits

There are some costs that don’t have to be more than two percent of your AGI in order to deduct.

• Losses from fraudulent investments such as a Ponzi-type scheme.
• Losses from gambling - only up to the amount you’ve won from gambling.
• Losses in theft or an assured casualty. Typically, this applies to stolen or damaged property you were holding for investment like stocks, bonds, or works of art.

And then there expenses that you simply can’t deduct like personal living or family costs. The miscellaneous deductions that you can claim are usually reported on your Schedule A, Itemized Deductions. For more information about tax deductions, be sure to check out the following blogs:

Maximizing Your Deductions

Personal Tax Tips: Job Hunt Expenses

Finding more deductions you qualify for only puts more money in your pocket from your tax return. So why not allow yourself more time to locate these deductions by e-filing a tax extension with ExpressExtension? We support Form 4868, personal tax extension, and offer the utmost level of quality service for the best value-based pricing within the industry. You won’t find amazing service coupled with quality support anywhere else.

ExpressExtension provides excellent customer service to all of ou. Feel free to contact our live professionals at (803) 514-5155, Monday through Friday from 9 a.m. to 6 p.m. EST. You can also either e-mail us at support@expressextensions.com or chat with us at www.expressextensions.com for any further assistance e-filing your extension forms.

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Time is Winding Up: September 15 Filing Deadline

If you filed an extension within the last several months to e-file your organization’s Form 990, your extended time to file may be quickly approaching. 

Form 990 is the Return of Organization Exempt From Income Tax form which many tax exempt organizations such as religious groups, educational groups, charities, and other nonprofit groups are required to file each year to provide the public with financial information about their organization. 

Forms included in the Form 990 Series are Form 990, 990-EZ, 990-PF, and 990-N. These forms should be filed each year by a leader within your organization. The standard due date for Form 990 Series to be filed is on the 15th day of the 5th month of your tax year. 

If your organization operates from January 1 - December 31, your deadline will always be May 15. However, if you operate on a fiscal year (12 consecutive months ending on any month besides December), your deadline will depend on the month that your organization ends its fiscal year. 

For example, organizations that operate from November 1 to October 31 have a Form 990 deadline of March 15. By filing an extension form to receive more time to file, the new date for the return would be September 15. Also, organizations that operate from May 1 - April 30 have the same September 15 deadline. 

Whether you are filing with or without an extension, we are here to help make your filing process a smooth one. If your original filing deadline is September 15 and you need some more time to file, take a few moments and file Exempt Organization Tax Extension Form 8868 to receive an additional 6 months to file. 

If you’ve already filed an extension for your organization back in March, utilize the services of ExpressTaxExempt and complete your filing needs before next Friday. 

With ExpressTaxExempt, you can e-file your Form 990 all throughout the year, no matter when your deadline is. Just as you begin your form in the program, they’ll ask you for some organization details, including your tax year to help make sure you’re filing on time. Of course, if you have any questions along the way, you can also get in touch with their all-star support team. Just give them a call or send them a live chat or email and they’ll be happy to help!

The same goes with ExpressExtension. If you have any questions regarding the e-filing process give the dedicated ExpressExtension support team a call. We’re available Monday - Friday from 8:30 AM to 5:30 PM EST at 803.514.5155. We also are available via live chat and offer 24/7 email support at support@expressextension.com. We will be more than happy to answer any questions that you may have.

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